By Neil Jerome C. Morales (The
Philippine Star) | Updated September 27, 2013 - 12:00am
MANILA, Philippines - The real estate
unit of the Villar family is looking to tap the capital markets to finance its
expansion program.
In a regulatory filing, Vista Land
& Lifescapes Inc. said its board of directors approved several measures in
line with the company’s fundraising through corporate notes.
Specifically, the board approved “the
issuance, offer and sale by VLL International Inc., a wholly-owned subsidiary
of the company, of US dollar-denominated notes in such amount, with interest
rate and under such other terms and conditions as the management of the company
may subsequently approve or ratify.”
The board also allowed parent firm
Vista Land to guarantee the corporate notes of VLL International.
“The proceeds of the offer will be
used to partially finance the company’s capital expenditures and for general
corporate purposes,” Vista Land said.
“The final terms and conditions of the
offer and guarantee, including the amount, interest rate, and maturity date of
the notes, shall be determined and confirmed in the coming week,” it added.
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The property developer appointed UBS
AG, CLSA Ltd. and The Hongkong and Shanghai Banking Corp. Ltd. as joint lead
managers and joint bookrunners.
It also hired BDO Capital &
Investment Corp. as the domestic lead manager, Citicorp International Ltd. as
trustee, Citibank N.A. (London branch) as principal paying agent and transfer
agent, and Citigroup Global Markets Deutschland AG as registrar.
Vista Land allotted P18.6 billion in
capital expenditures this year for its aggressive expansion that will involve
the development of more residential condominium buildings and commercial
projects as wells as launch of more projects in new markets.
For this year, the country’s largest
house and lot builder committed to launch P30 billion worth of projects
offering 15,000 residential units, up from P25 billion and 12,000 units last
year.
Vista Land targets to grow its reservation
sales by 15-20 percent to as much as P50 billion this year from P40.09 billion
in 2012. In the first three months of the year, reservation sales rose 16
percent to P11.76 billion.
In the first half, Vista Land posted
an 18-percent uptick in net income to P2.6 billion from P2.2 billion last year
while revenues rose 20 percent to P9.7 billion from P8.1 billion a year ago.
Vista Land is the holding company of
five business units: Brittany, Crown Asia, Camella Homes, Communities
Philippines and Vista Residences.
In the past 38 years, the property
firm has completed more than 250,000 housing units in 31 provinces and 64
cities and municipalities around the country.
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